Concert earnings down, but ticketing income on the rise
Live Nation Entertainment’s overall revenue declined in the quarter ended Sept. 30, while operating income showed an uptick during the same period, the company announced Wednesday.
LNE’s revenue slipped 2.5% to $1.79 billion, versus $1.85 billion in the same quarter last year.
Revenue derived from concerts fell 7.3% to $1.28 billion, down from $1.38 billion in the 2011 quarter. However, ticketing revenue rose 9.9% to $287 million, while revenue from LNE’s Artist Nation management division rose 9.4% to $121.4 million.
Net income for the period rose to $51.7 million from $51 million in the 2010 quarter.
On the concert front, the number of estimated events for the third quarter climbed to 5,271 from 4,929 for the same period in 2010. However, total estimated attendance declined to 15.6 million, from 16.5 million during the third quarter of 2010.
Ticketing for concerts declined to 18 million ducats in the quarter, compared to 18.2 million during 2010’s third quarter.
LNE prexy-CEO Michael Rapino said in a statement, “We believe the stabilization of consumer demand for live events will continue into 2012 and, looking ahead, we are increasingly optimistic about our opportunities. Given the continued fan demand for concerts and a growing supply of artists hitting the road, we are optimistic about the future growth of the global concert industry.”